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Response by the Cabinet Member: Breakdown of the £938m assets by category: The table below provides a breakdown by Category. It should be noted that of the £938m, just under £272m is attributable to the Housing Revenue Account (HRA). Category Balance Sheet Value 31st March 2023 Assets Under Construction 46,144,411 Community 1,569,219 Heritage 1,210,499 Infrastructure 169,242,432 Land & Buildings 435,520,031 Plant / Vehicles / Equipment 24,735,521 Surplus 1,540,979 Council Dwellings 258,711,648 Total 938,674,740 For the list of assets, the values on the balance sheet and council accounts in the majority of cases is not the market (fair) value. The following provides a summary how the values are derived for each of the categories. Assets Under Construction – Historic Cost (Costs incurred to date on these schemes). Community - Historic Cost. Heritage - Historic Cost. Infrastructure - Historic Cost with depreciation applied to reflect the consumption of the asset. Land & Buildings – These are valued on a five-year cycle with the valuation method depending on the type of asset, valuation methods include Depreciated replacement cost (DRC), Existing use value, Fair Value with depreciation applied to reflect the consumption of the asset. Council Dwellings - Existing use value – social housing (EUV–SH). Surplus - Fair value. The definitions provided by CIPFA for each of the valuation type is provided below. Depreciated replacement cost (DRC) is a method of valuation that provides the current cost of replacing an asset with its modern equivalent asset less deductions for all physical deterioration and all relevant forms of obsolescence and optimisation. Where DRC is used as the valuation methodology, authorities should use the ‘instant build’ approach at the valuation date and the choice of an alternative site will normally hinge on the policy in respect of the locational requirements of the service that is being provided. Existing use value is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion, assuming that the buyer is granted vacant possession of all parts of the asset required by the business, and disregarding potential alternative uses and any other characteristics of the asset that would cause its market value to differ from that needed to replace the remaining service potential at least cost. Existing use value – social housing (EUV–SH) is the estimated amount for which a property should exchange, on the date of valuation, between a willing buyer and a willing seller, in an arm’s-length transaction, after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion, subject to the following further assumptions that: · the property will continue to be let by a body and used for social housing. · at the valuation date, any regulatory body, in applying its criteria for approval, would not unreasonably fetter the vendor’s ability to dispose of the property to organisations intending to manage their housing stock in accordance with that regulatory body’s requirements. · properties temporarily vacant pending re-letting should be valued, if there is a letting demand, on the basis that the prospective purchaser intends to re-let them, rather than with vacant possession. · any subsequent sale would be subject to all of the above assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Capital Receipts 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 to date School 104,000 637,500 50,000 0 120,000 606,000 Youth Centre 0 165,000 0 0 0 390,503 Day Centre 0 130,000 0 130,000 0 0 Market 0 75,000 175,000 0 0 0 Offices 63,000 135,000 460,000 290,000 0 130,000 Workshops 0 0 0 0 0 481,710 Library 65,000 560,000 80,000 100,000 0 0 Community Centre/Hall 52,500 207,500 0 0 0 0 Toilets 0 10,200 0 0 0 47,000 Outdoor Centre 0 0 180,000 0 0 0 County Farms 714,070 3,244,000 730,000 400,000 2,095,500 406,000 Other Land 0 45,500 0 40,000 0 0 Depot 250,000 30,000 423,000 240,000 247,000 0 Housing Revenue Account 1,005,500 90,150 0 3,200 388,525 0 Total 2,254,070 5,329,850 2,098,000 1,203,200 2,851,025 2,061,213 Excludes Vehicles Check 0 0 0 0 0 0
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